BUFFALO, N.Y. -- After more than 150 years, Holy Angels Academy will be closing June 30, the end of this school year.

Joan Thomas, President of HAA, said the decision was made "after months of discussion, data analysis, and deliberation."

Board of Trustees Member Maureen Maguire said a number of factors contributed to the closing: a drop in enrollment at the Holy Angels Prep school, and the closing of several feeder elementary schools that traditionally had helped supply students to Holy Angels.

For months, board members and school leaders had been meeting trying to save the school, but drops in prep enrollment and international students prompted the final decision to close over the past few weeks.

There are currently about 240 students at the school.

It was founded 152 years ago by the Grey Nuns of the Sacred Heart.

The Grey Nuns had previously given $1 million from their retirement funds to guarantee a line of credit for the school. They also sold their retirement home and headquarters in Pennsylvania. That money will now be used to pay down the line of credit and other financial obligations for the school, according to a letter sent to parents.

The school broke the news to faculty and staff before announcing it to students at a Tuesday afternoon assembly.

"We are working closely with area schools to help our girls select and transfer to the school which is best for each of them," Thomas said.

In the letter sent to parents, Thomas said the school will have parent meetings this Wednesday, Thursday and Friday to discuss options for students for next school year.

Additionally, the school said Bishop Malone has committed to helping students find new schools for next year.

Maguire left open the possibility that the school could remain operational if enough contributions were to come in.

"If we were to find an angel investor or a godfather, we would of course be absolutely delighted," Maguire said.

The school's annual fundraising gala, which is scheduled for this Saturday at the school, will go on. Maguire said she hopes the community will turn out to help pay for this past year's scholarships and to financially help the Grey Nuns, who have set aside money to help cover the scholarships for next year for the current students who will be attending new schools.